LA condo market continues growing on back of high demand: report

DTLA and the Westside lead the uptick

Los Angeles /
Dec.December 13, 2017 04:00 PM
Rendering of Metropolis in Downtown Los Angeles

The Los Angeles condo market continued its upward swing between August and October, with median sales prices increasing 7.9 percent to $750,000 year-over-year and by double digit percentages in some neighborhoods, a new report shows.

Sales price growth was strongest in Downtown, rising 16.2 percent to $630,000 year-over-year, according to the report by Polaris Pacific. The Westside came out on top in terms of sales price at $900,000, a 10.8 percent increase over last year and well above the sub-$700,000 prices in DTLA, Hollywood, Koreatown and the Tri-Cities. Resales were down in all neighborhoods besides Downtown, where they were up by 6.5 percent.

(Credit: Polaris Pacific market report)

Unsurprisingly, Downtown and the Westside are also where developers are building the most. There were 1,682 condos under construction in Downtown and 1,133 in the Westside, making up 85 percent of all the condos being built in the neighborhoods covered by the report.

And the market wants those units badly. Condos are spending an average of just 45 days on the market, 15 days below Polaris Pacific’s 60-day balanced market benchmark. The remaining inventory is projected to last just 1.6 months, a 48.2 percent decrease from last year, the report said.

Shanghai-based Greenland Holdings is responsible for many of the units in Downtown, thanks to its $1 billion luxury Metropolis development. Its second tower is set to open in May 2019, and its third in October 2019. There are 520 units between them.


Related Articles

arrow_forward_ios
Ardie Tavangarian (Photo by Kevin Scanlon)
LA’s gentleman builder on developing for the ultra-wealthy
LA’s gentleman builder on developing for the ultra-wealthy
1101 Flower Street in L.A. with  Tony Lombardo of Lendlease and Zhang Xifang of Oceanwide. Xifang reportedly resigned in July 2021. (Google Maps, Lendlease, Oceanwide)
Contractor bails on Oceanwide’s LA megaproject after scoring $42M judgment
Contractor bails on Oceanwide’s LA megaproject after scoring $42M judgment
Overton Moore Properties CEO Timur Tecimer with an aerial of the property (Google Maps, OMP)
Gardena industrial complex sells to Overton Moore Properties for $35M
Gardena industrial complex sells to Overton Moore Properties for $35M
Michael Shvo and 9200 Wilshire renderings (Shvo, Getty)
Shvo signs Mandarin Oriental to Beverly Hills residential project
Shvo signs Mandarin Oriental to Beverly Hills residential project
Las Vegas Raiders Owner Mark Davis and renderings of the unique home (Getty, City of Henderson)
Of course Las Vegas Raiders owner Mark Davis is building this home
Of course Las Vegas Raiders owner Mark Davis is building this home
Senator Toni Atkins and Governor Gavin Newsom (Getty)
California legislature sends zoning bills to Governor Gavin Newsom’s desk
California legislature sends zoning bills to Governor Gavin Newsom’s desk
Elizabeth Taylor and Nimes Road (Getty, Google Maps)
Spec developer Ardie Tavangarian buys Elizabeth Taylor’s Bel Air residence
Spec developer Ardie Tavangarian buys Elizabeth Taylor’s Bel Air residence
The Ratkovich Company Founder Wayne Ratkovich with renderings of West Harbor (West Harbor, Ratkovich)
Seven tenants announced for San Pedro’s West Harbor project, including Yamashiro
Seven tenants announced for San Pedro’s West Harbor project, including Yamashiro
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...